Assume that you are 20 years old today, and that you are planning on retirement at age 65. You expect your salary to be $55,000 one year from now and you also expect your salary to increase at a rate of 2% per year as long as you work. To save for your retirement, you plan on making annual contributions to a retirement account. Your first contribution will be made on your 21st birthday and will be 12% of this year's salary. Likewise, you expect to deposit 12% of your salary each year until you reach age 65. Assume that the rate of interest is 5%.

The future value (FV) (at age 65) of your retirement savings is closest to ________.

Group of answer choices

$1,430,938.29

$1,473,400.86

$1,440,373.79

$1,046,922.29